Author: Tom 2016-09-20 17:15:45
Published on: 2016-09-20T17:15:45+00:00
A Bitcoin Improvement Proposal (BIP) has been submitted to formally request the assignment of a BIP number for FT spec. The proposal, titled "Flexible Transactions," aims to make Bitcoin's most basic element, the transaction, more flexible and easier to extend while fixing all known cases of malleability and resolving significant amounts of technical debt. By choosing a new version number, 4, and defining that the data following the bytes for the version is in a format called Compact Message Format (CMF), this protocol upgrade creates the building blocks to allow new features to be added much cleaner in the future. The proposal also shows that it's possible to remove signatures from transactions with minimal upgrades of software and still maintain a coherent transaction history which can reduce space usage to about 75%. The proposal also defines how tokens are named, where they can be placed, and which are optional in the compact message format. In addition, the proposal includes changes to Bitcoin-script and specifies the serialization order necessary for the transaction to be well-formatted. The reference implementation of this proposal can be found in Bitcoin Classic beta releases. However, the deployment process has yet to be determined.
Updated on: 2023-06-11T20:03:40.266075+00:00